Asia's No. 2 software services developer voted to buy back as many as 113 million shares at 1,150 rupees apiece at a meeting on Saturday in Bangalore, according to an exchange filing.

Sikka was CEO for three years. As a result, stock may command lower valuation and the event may benefit competitors such as Tata Consultancy Services and Cognizant at least in the short term. Last week, company's chairman R Seshasayee said any of the things which are set in motion aren't going to be stopped and the company has no interest in engaging in legal battle against founder Narayana Murthy.

Miller said the reasons given for Sikka's resignation revolved mainly around "fifth-column sniper fire" at Sikka led from the sidelines by Murthy, prompted by perceived issues of governance and pay.

Infosys closed 5.75 percent lower. "In the longer run it remains to be seen what the impact is, if Infosys is able to appoint a strong CEO who can capture and maintain the confidence of the board, employees, founders and clients then this may prove to have worked in Infosys favor as it is clear that Sikka struggled to maintain the combined confidence of all these stakeholders", said Bendor-Samuel. Sikka's exit may put a cloud over Infosys' performance in FY19.

The Infosys board appointed U.B. Pravin Rao as interim CEO and managing director, a company statement said Friday.

"I can not carry out my job as CEO and continue to create value, while also constantly defending against unrelenting, baseless/malicious and increasingly personal attacks", Sikka wrote on his personal blog after announcing his resignation. The company's market value surged by US$4.6 billion to US$31.78 billion over the period.

Infosys, which counts Apple, Volkswagen and Wal-Mart Stores among its customers, has underperformed the Nifty IT index this year amid the attacks from its founders and its USA challenges.

Soumen Chatterjee, head of research at Guiness Securities Ltd, said before the decision that Infosys may spend as much as US$1.6bil on the buyback.

Even a buyback announcement at ₹1,150 per share did not stem the slide. "No individual should try to become bigger than the organisation", he said.

In November, Cyrus Mistry, the then top boss of Tata Group, India's biggest conglomerate with businesses ranging from cars to steel mills and salt pans, was unceremoniously ousted in a boardroom coup over differences between him and the Tata family patriarch.

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